Topic: Momentum Proves Weak OR Rising to 14,000$ (Read 352 times)
Bitcoin's "failure" to break below $10k, after testing $9k, is now proving to be further evidence of its resilience at around 10k. I'm now counting down the days til the end of February, where I'm hoping very much that the current trend continues. Looks like sideways or even bearish for a lot of people, but for me this is the perfect stabilisation period I've been waiting for. If it can keep this for two months, then it'll have found very firm footing at $10k - which is very good news for the rest of the year. I'd be prepared for 20k to never be tested for 2018, but I wouldn't mind at all new-found floors at $15k. We'll also be coming up to a "tenth anniversary", depending on how you see Bitcoin's birthday to be: whitepaper or genesis block. Very pleased with the performance of January so far.
4-hour chart
Only a high volume break above the trendline resistance on the 4-hour chart would add credence to the bullish doji reversal and open doors for a sustained move higher to $13,000 and $14,250.
On the other hand, rejection at the falling trendline followed by a high volume drop below $10,300 (rising trendline support on the 4 - hour chart) could yield re-test of last week's low of $9,005.
That said, only a daily close (as per UTC) below $10,391.02 (50 percent Fibonacci retracement of 2017 low to 2017 high) would revive the bearish outlook.[1]
Bullish doji reversal was confirmed yesterday but so far bitcoin has been unable to generate the follow through necessary to declare that the bottoming process is complete.[1]
Based on the analysis of the writer. What are your expectations for the price in the coming days Do you think that an adjustment of the corrections will occur or whether the price will rise?
Source: https://www.coindesk.com/bitcoin-bull-reversal-sighted-momentum-proves-weak/
It looks like we are going up. The triangle was broken to the upside so we should be going higher in the next few hours to consolidate the uptrend. Breaking $13,000 would be awesome, then next stop is $14,500 and finally $17,300 to $19,666 for the new all time high.
If my prediction was correct, tomorrow we will have the answer.
If my prediction was correct, tomorrow we will have the answer.
Too much of an easy assumption. I had a prediction ready too that we before the end of the week would reach $13-$14k, but I openly admit that I was wrong. If we realistically look at what we have ahead of us (nothing), there isn't really anything justifying the market to increase in the very short term. People were even of believe that the future markets would impact this market, but it didn't, and that's not really surprising considering how small the interest in futures current is. At this point I don't know what is needed to give the market the push it needs, but as long as it keeps hovering over $10k levels, I am all good.
It looks like we are going up. The triangle was broken to the upside so we should be going higher in the next few hours to consolidate the uptrend. Breaking $13,000 would be awesome, then next stop is $14,500 and finally $17,300 to $19,666 for the new all time high.
If my prediction was correct, tomorrow we will have the answer.
If my prediction was correct, tomorrow we will have the answer.
Bitcoin is making higher highs and lower lows which is a good indicator of trend reversal. So far, according to the chart analysis, downtrend seems to be over and inflection point is reached indicating towards bullish trend reversal. If Bitcoin breaks $13200 mark, it will go a parabolic trajectory and altcoin's market will squeeze.
I don't think altcoin gets squeezed.. bitcoin is more like the tide that rises all boats (and lowers them)
I think it will take some time(maybe months) to see some significant changes in the price.This is usually the case at this time of year and it is follow a big drop which has happened recently.That was a big event who has been shaken the market very hard and it will take time for the market to recover after this.Many were burned at this time,and most will not go back anymore,dream about quick profit is finished at 10k drop,instaed 25k$ or 30k$ which many hoped it would happen.
There will be price increases like it was few times after big drop,but even rising to 14k$ does not mean too much at this time,the problem is that BTC can not maintain that level for long time.
There will be price increases like it was few times after big drop,but even rising to 14k$ does not mean too much at this time,the problem is that BTC can not maintain that level for long time.
Bitcoin is making higher highs and lower lows which is a good indicator of trend reversal. So far, according to the chart analysis, downtrend seems to be over and inflection point is reached indicating towards bullish trend reversal. If Bitcoin breaks $13200 mark, it will go a parabolic trajectory and altcoin's market will squeeze.
^ Before you reply, make sure you read the whole post. Read again, from the OP:
Yeah, I say 'still believe' because all these 'chartists' keep churning out all the same useless bs that noobs shouldn't even base their trading decisions on. And the funny thing is most people take charting like it's a f*cking science. It's not. It's something like a guy trying to look at a picture under different shades to see what he wants to see.
And followed for decades? No wonder lot's of speculators went to the poor house. Rofl!
Quote
Only a high volume break above the trendline resistance on the 4-hour chart would add credence to the bullish doji reversal
Yeah, I say 'still believe' because all these 'chartists' keep churning out all the same useless bs that noobs shouldn't even base their trading decisions on. And the funny thing is most people take charting like it's a f*cking science. It's not. It's something like a guy trying to look at a picture under different shades to see what he wants to see.
And followed for decades? No wonder lot's of speculators went to the poor house. Rofl!
I don't know why there's still some people who believe in Japanese candle sticks or market predictions based off of it for that matter. I mean it could interpret the paychology of the market and its players, but I don't think it's anything good for predicting on what would happen next...
What's with the "still believe" talk? Technical analysis of investments has used candle stick charts for 100 years. And the candle stick style of the OP's chart isn't even the part of the chart he's asking questions about.
Candle stick report shows the price range within the trading day, that forms the candle stick shape, the fat vertical line.
You clearly don't understand what you are criticizing.
The OP is talking about breakout patterns as they relate to recent price volatility, the angle of the price growth and the range of the swings is an indicator of a breakout or breakdown opportunity. The chart certainly indicates we're building some positive momentum.
And to tokeweed, of you toked less weed you'd know that this commentary is the basis for technical analysis...it's not crypto currency theory, it's investment theory and it's been followed for decades.
humm, better not be so optimistic, the latest events are not in favor of bitcoin, there have been many criticisms about bitcoin
What events are not in favor of Bitcoin? I hope you're not referring to the recent round of fud that we have seen circulate through the market. It's just game play in the hope that noobs end up doing what they do the best.And that's panic selling everything they have. We have dealed with so much fud already, that it baffles me that people are still falling for it. It can't be coincidence how after every pump, we get flooded with fud.
Thus far each bottom we touched after reaching an all time high has always resulted in the market to reach a newer all time high after that. Current situation is definitely not an exception, especially with lightning network coming up.
I don't know why there's still some people who believe in Japanese candle sticks or market predictions based off of it for that matter.
In the tradeview had some guys who made predictions that the price of bitcoin would fall to $0. according to their forecasts they had no error, well today we are in the $10,000... another guy made predictions that ripple would reach more than $5 and so far it has not reached $5. if people put too much emphasis on these predictions they may end up losing money.
Now the price of bitcoin reaches 11500$,so we can expect this to raise the value of 14k$ followed by 12k$.So you have to hold some more hours yo get huge profit in hand.
humm, better not be so optimistic, the latest events are not in favor of bitcoin, there have been many criticisms about bitcoin
Now the price of bitcoin reaches 11500$,so we can expect this to raise the value of 14k$ followed by 12k$.So you have to hold some more hours yo get huge profit in hand.
And here we go again. I don't know what the hell is going on but we just can't either break out or go below the $10,000 range. We saw a big dump from $11,641 to $10,261, this was an huge red candle, but it has jumped back to $11,000+ territory... I don't believe manipulation of this precision is possible, I think the market is just uncertain to go either way.
We should be see a capitulation of the ongoing triangular formation before January 29th, so Monday we should have a result, either a breakout or a dip to $7,500.
The problem with today is that there was a big hack in a Japanese exchange and hopefully so is the reason the market went down and they have lost millions of dollars and hopefully the news will scare every investor and there is a possibility that the price would go down further from this point,manipulation is possible by big investors.We should be see a capitulation of the ongoing triangular formation before January 29th, so Monday we should have a result, either a breakout or a dip to $7,500.
The market doesn't seem to care. Im looking at bitstamp right now and there was a big bull run from $10,911 all the way up to $11,582, pretty much on a single hourly candle. This puts us again in a realistic breakout scenario, as long as we keep having these back and forts and make it to next week without breaking the $10,000 floor, we may go to the upside and finally consolidate the new bull run that will last weeks, all the way up to another all time high. The next 24 hours are crucial for the capitulation of the triangle formation. Right now it's looking like a perfect triangle and we are spending more time on the upper side so im confident we can make it and break it on the 29th.
And here we go again. I don't know what the hell is going on but we just can't either break out or go below the $10,000 range. We saw a big dump from $11,641 to $10,261, this was an huge red candle, but it has jumped back to $11,000+ territory... I don't believe manipulation of this precision is possible, I think the market is just uncertain to go either way.
We should be see a capitulation of the ongoing triangular formation before January 29th, so Monday we should have a result, either a breakout or a dip to $7,500.
The problem with today is that there was a big hack in a Japanese exchange and hopefully so is the reason the market went down and they have lost millions of dollars and hopefully the news will scare every investor and there is a possibility that the price would go down further from this point,manipulation is possible by big investors. We should be see a capitulation of the ongoing triangular formation before January 29th, so Monday we should have a result, either a breakout or a dip to $7,500.
And here we go again. I don't know what the hell is going on but we just can't either break out or go below the $10,000 range. We saw a big dump from $11,641 to $10,261, this was an huge red candle, but it has jumped back to $11,000+ territory... I don't believe manipulation of this precision is possible, I think the market is just uncertain to go either way.
We should be see a capitulation of the ongoing triangular formation before January 29th, so Monday we should have a result, either a breakout or a dip to $7,500.
We should be see a capitulation of the ongoing triangular formation before January 29th, so Monday we should have a result, either a breakout or a dip to $7,500.
it has ALWAYS been the FLOW which controls BTC price.. if you want to predict the market, just get a job working the check/wire processing at the major exchanges.
TA is unreliable however i have mentally prepared for a possible dip towards 8K
Honestly I think all of this TA is very unreliable. You can draw any lines on any graph to make it look like its going to do whatever you want. I don't think there is any real consistent TA strategy that has proven to be reliably accurate, or even more accurate than random guessing. The only exceptions I would say are double tops/bottoms, and head/shoulders, but even those are subjective and shaky.
Momentum is definitely weak right now but i do think bitcoin will rise to $14k this month or the next. Simply a matter of time. People are paranoid that this may be a bull trap and the whole thing comes crashing down after this small adjustment, but as time goes on and bitcoin just stays at around the current value, they'll realize that bitcoin isn't going anywhere downwards, at all.
The support has been raised from $10k to $11k, it seems. But the first barrier that bitcoin will need to break on the way up is $12k, and turn that into the floor. Yes, we've broken $12k multiple times but it just never stuck.
My personal strategy right now is to buy when you still can, and not sell when the price is low. I'm holding through this.
The support has been raised from $10k to $11k, it seems. But the first barrier that bitcoin will need to break on the way up is $12k, and turn that into the floor. Yes, we've broken $12k multiple times but it just never stuck.
My personal strategy right now is to buy when you still can, and not sell when the price is low. I'm holding through this.
Mostly what i seen right now if there are great news about bitcoin the price can be increase but if there are bad news expect that the price go down..
Technical analysis only works in altcoin but if bitcoin is affected by news and whales altcoin are also affected..
For now its hard to predict the price of bitcoin if you can hold your coin for a long time better to hold it and wait for the great news and watch the burst increase of bitcoin again.. And also there are large pump and dump group so its would be hard to us to predict it with technical analysis..
Technical analysis only works in altcoin but if bitcoin is affected by news and whales altcoin are also affected..
For now its hard to predict the price of bitcoin if you can hold your coin for a long time better to hold it and wait for the great news and watch the burst increase of bitcoin again.. And also there are large pump and dump group so its would be hard to us to predict it with technical analysis..
I don't think technical analysis work now. Bitcoin price is now affected by news and rumors and also the whales. Sudden rises and falls is not normal. We should wait until every thing become normal again.
TA (technical analysis) has always been a one sided coin (pun intended) since FA (fundamental analysis) appears to affect Bitcoin significantly.
I don't think technical analysis work now.
It has never really worked. I have never even done any technical analysis because of how unpredictable an open market is. I just look at the market and try to make an as unbiased guess as possible about what might happen, where you just have to accept that the chance for it to be wrong is on the higher side. I believed that with how the market corrected last week, people would wire money to their exchanges, which then woud/should result in the market to bump up. Technically speaking it did, but my prediction was and still is that we reach $13-$14k this week. With how thin the current market is, it takes just a matter of minutes for a large player to lift the market significantly, so I'm still not backing off on my initial prediction.
I don't think technical analysis work now. Bitcoin price is now affected by news and rumors and also the whales. Sudden rises and falls is not normal. We should wait until every thing become normal again.
I don't know why there's still some people who believe in Japanese candle sticks or market predictions based off of it for that matter. I mean it could interpret the paychology of the market and its players, but I don't think it's anything good for predicting on what would happen next...
The fact that other people care is proof of how technical analysis is relevant. If other people think that that analysis is a plausible outcome, the analysis is a potential self-fulfilling prophecy, and this is the basis for all technical analysis as far im concerned, in fact I cannot fathom any other reason as to why TA would predict anything.
I don't know why there's still some people who believe in Japanese candle sticks or market predictions based off of it for that matter. I mean it could interpret the paychology of the market and its players, but I don't think it's anything good for predicting on what would happen next...
4-hour chart
Only a high volume break above the trendline resistance on the 4-hour chart would add credence to the bullish doji reversal and open doors for a sustained move higher to $13,000 and $14,250.
On the other hand, rejection at the falling trendline followed by a high volume drop below $10,300 (rising trendline support on the 4 - hour chart) could yield re-test of last week's low of $9,005.
That said, only a daily close (as per UTC) below $10,391.02 (50 percent Fibonacci retracement of 2017 low to 2017 high) would revive the bearish outlook.[1]
Bullish doji reversal was confirmed yesterday but so far bitcoin has been unable to generate the follow through necessary to declare that the bottoming process is complete.[1]
Based on the analysis of the writer. What are your expectations for the price in the coming days Do you think that an adjustment of the corrections will occur or whether the price will rise?
Source: https://www.coindesk.com/bitcoin-bull-reversal-sighted-momentum-proves-weak/
Jump to: